How to build a trillion-dollar industry: Step 1, invest in your customers. Step 2, sell them stuff Feature In late 2025, a series of multi-billion-dollar deals in the artificial intelligence sector is causing deja vu among industry veterans. Money, computer chips, and cloud credits are rotating in a closed loop among a handful of companies: Nvidia, OpenAI, Microsoft, Oracle, AMD, CoreWeave, xAI, and a few others. This has fueled a trillion-dollar AI boom or bubble built on intertwined investments and contracts....